The winning bidder of the court-ordered auction for the 95m superyacht Indian Empress has filed for a 15-day extension, following delays in payment. A court in Malta has declined the application.
Photo: Aurélien HermanLawyers representing the buyer, Credityacht Ltd, filed for an application for an extension on July 5, after failing to meet the original payment deadline, confirmed Ann Fenech, managing partner of Fenech & Fenech Advocates to SuperYacht Times. The extension application cited a three day bank holiday as part of the reason the buyer was not able to transfer the €43.5 million for Indian Empress on time.
It came as no surprise that winning bidder was unable to pay the purchase price of Indian Empress within seven days to Ann Fenech. “The owners of the Indian Empress requested an adjournment of the auction the day before the auction on the basis the owners had signed an MOA with Credityacht weeks earlier, who needed more time to pay the purchase price,” said Ann Fenech to SuperYacht Times.
Photo: Aurélien HermanA court in Malta rejected the application for a payment extension and now, it is up to any creditor with an executive title to request another judicial sale of Indian Empress. As the former owner of Indian Empress is said to owe more than 40 crew members over $1 million in unpaid wages, Maritime workers union Nautilus International is waiting for the court to appoint a new auction of Indian Empress.
The union previously agreed to the application to extend the payment deadline, as they felt it offered the best possibility of securing the remaining €234,129 wages owed to the crew since Indian Empress was abandoned last year. “We hope that the courts in Malta will be able to arrange a new judicial auction quickly and that any other bidders are in a position to deposit the sums with the court without delay,” commented Nautilus strategic organiser Danny McGowan. “Our members have waited for long enough already.”
The SuperYacht iQ 2018 Market Report
Did you know that in 2017....
- 180 new yachts over 30 metres were sold
- 149 new yachts over 30 metres were completed
- 443 yachts over 30 metres were under construction
- 30% of the yachts under construction were available for sale
- 20% of the yachts were owned by clients from the USA